Princess Private Equity has announced that Partners Group, its investment advisor, has sold its controlling interest in US security services provider Universal Services of America (“Universal”). The transaction is expected to close in the coming weeks.
They say the exit valuation represents an uplift to Universal’s carrying value as at 31 May 2015 and will be reflected in Princess’ net asset value as at 30 June 2015. Universal was one of Princess Private Equity’s top ten holdings at the end of March 2015.
Universal is a US security services firm which provides a diverse mix of security and facility services, ranging from traditional manned guard services and janitorial services to cutting-edge technology systems. Partners Group invested in Universal on behalf of its clients in 2013, having previously been an investor in the company through its Private Debt business. Over the past two years, Partners Group has worked in close partnership with the Universal management team, led by CEO Steve Jones, to complete over 20 acquisitions and also grow the company organically, resulting in a growth rate five times greater than the industry average. One further significant initiative has focused on establishing appropriate processes and measures to ensure the company is able to preserve its corporate culture and industry-leading employee retention rate in the face of such rapid growth.
During Partners Group’s holding period, the number of Universal employees has increased to over 44’000 from over 27’000, while revenues have climbed by more than 80%. Today, Universal is the fourth largest security services company in the US and is ideally positioned to continue its growth trajectory through further organic growth and add-on acquisitions. Partners Group will remain a minority investor in the company on behalf of its clients following this transaction.
PEY : Princess sells Universal Services of America